Bike Shop Management

10 ways to grow your business this year

2020 is here. With a new year and a new decade upon us, many business owners are resetting goals and thinking about growth. As you look to grow your small business in 2020, here are some ways to dive in (in no particular order): 

#1 Customer Loyalty Matters

I recently shopped at an independent store in my small town. The next day, I received an email from the business owner thanking me for my purchase. I know better than to believe it was actually written by the owner, but it still seemed personal. It made me stop and think, “I should shop there more…”.

The automated customer loyalty systems available today can create positive interactions that inspire customers to spend more money. And building an email list is a great move for your business. If you’ve resisted a loyalty system in the past, reconsider adding one in 2020. It may be a good way to grow your business this year.

#2 Utilize Social Media

Similar to a loyalty system, social media may be something you’re avoiding. It takes time and effort, not to mention annoyance from the constant notifications, messages, and alerts. The average person spends 2 hours a day on social media, but you don’t have to. Find a program that can manage the posts and will schedule things out ahead of time.

Social media is a free way to engage with customers. Make sure you’re taking full advantage of its accessibility.

#3 Invest in Your Employees

There is nothing more valuable than a healthy work environment with a team of hard-working employees who are bought in to your company. Work to build employee trust, support employees as best as you can, give raises each year, provide healthy feedback, and always remember how valuable a good team can be for the success of your business.

#4 Know Your Customers

In addition to a loyalty program, you should get to know your customers. Offer customer surveys and work to implement the findings. Ask customers to give your company online reviews. Spend a little time investing in an open channel of communication with your customers. It will improve your customer service and customer rating.

#5 Think About Networking

Networking is a total buzzword, we know. But don’t overlook it, especially if you have a few slower months after the holiday rush. Meet with local organizations or other businesses to generate new ideas. Talk to your neighboring businesses, attend a networking event in your area, and start a LinkedIn page if you don’t have one.

#6 Be Open To a Remote Workforce

The working world is becoming increasingly mobile. Statistics show that the average remote worker is generally more happy and more productive. What does this mean for your small business? 

Depending on your industry, it could be a good option. If you maintain an office with employees, consider letting them work from home occasionally. This could save on office-related expenses. Or consider hiring an employee to work remotely. Hiring a 1099 contractor is a great option if you’re looking for help with a more specialized project.

Some businesses are staying open to a remote workforce to ensure they find the highest quality candidate for the job while also allowing employees a greater work/life balance.

#7 Host Events

One way to bring additional business in the door is through events. Consider throwing a party, having an in-store event, or collaborating with another business on a holiday party.

#8 Set Goals

To consider any type of growth, you need to be strategic about your business. This requires setting goals and evaluating progress throughout the year. Think about goals related to revenue, employee retention, inventory turnover (if you have inventory), gross margin, new customer acquisition, and project completion.

#9 Make Use of Easy & Efficient Apps

There are many time-saving and cost-cutting apps available for your small business. Some may make payroll easier like ADP. Some may automate your social media like Hootsuite. If you’re looking for direction on what makes sense for you, do some online research.

For example, if you need a new customer relationship management tool, search online for “Best CRM for Small Business”. You’ll see list after list giving ideas about which is right for you. We’re living in an era of unlimited free advice. Make use of it. Just be sure to verify an app is legit and safe before inputting sensitive business information.

#10 Stay On Top of Industry Trends

As you look to grow in 2020, you need to be in tune with the latest trends in your industry. Follow publications and news articles about your industry. Stay relevant. Keep up with major trends so you don’t fall behind. Stay in touch with trends by attending conferences and trade shows and networking with fellow industry members.

If you take these 10 things into account, we think you’ll see an uptick in sales, a longer customer email list, and a happier workforce. Here’s to 2020!

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